Embassy Group Will Launch a 4 Million Sq Ft Residential Portfolio

Bangalore-based Embassy Group will launch a 4 million square foot residential portfolio and expects revenue of Rs 3300 crore

The company will launch an additional 4,6 million square feet of office space in Bengaluru by the end of the following fiscal year. With a prospective capex of Rs 2,200 crore, the new ventures will be comprised of REIT and non-REIT segments.

Embassy Group, a real estate developer, intends to introduce a residential portfolio with a prospective revenue of Rs 3,300 crore within the fiscal year 2023–2024.

Moreover, according to Aditya Virwani, chief operating officer of Embassy Group, the company is looking forward to launching 1 msf in Chennai.

"Our collection goal for this year is Rs 3,000 crore, and we are ready to take possession of over Rs 2,000 crore in OC (occupation certificate)-compliant inventory," he added.

The company is currently reinventing its residential portfolio by shifting more towards the mid-segment, with ticket sizes of less than Rs 2 crore and flat prices between Rs 9,000 and Rs 10,000 per square foot (sq ft).

"Last year, we generated Rs 1.100 Cr from the luxury market. This year, however, we are seeking lesser developments that permit a speedier exit. In the past, it took us approximately eight years to execute a luxury undertaking. Today, we're aiming to reduce it to three to four years," Virwani said.